Direct loans are low-interest loans for students and parents to help pay for the cost of a student’s education after high school. Student’s must complete a FAFSA application before applying for loans. State and private loans are additional options to help pay for college. Approximately 68% percent of PVAMU students take out some form of loans (federal, state, or private). ** Default prevention initiatives are discussed later in this report. Student Loan Borrowing by Classification
Total Loans Borrowed 2021-22 by Classification
Doctoral
Doctoral, $782,025.00
Masters
Masters, $7,476,467.00
Post- Bac
Post- Bac, $132,432.00
Senior
Senior, $14,833,533.00
Junior
Sophomore, $11,937,091.00 Junior, $12,855,519.00
Sophomore
1st Time Freshman
1st Time Freshman, $15,660,591.00
Total Borrowed 2021-22
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Cohort Default Rates (CDR) The U.S. Department of Education publishes cohort default rates (CDR) based on the percentage of a school’s borrowers who enter repayment on Direct Loan program loans during a federal fiscal year.
FY 2018 3-YEAR DEFAULT RATE
7.8% 10.6%
10.0% 15.0%
7.3%
7%
0.0% 5.0%
NATIONAL
TEXAS
PVAMU PUBLIC 4 YEAR
FY 2018 3-Year Default Rate 7.3%
7.8%
10.6%
7%
FY 2018 3-Year Default Rate
**The FY2019 national CDR have plummeted amid the pandemic payment pause, falling to 2.3% from 7.3%. PVAMU experienced a significant decrease from 10.6% to 2.2%
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